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Search Results 0 to 15 of about 16 (some duplicates have been removed)
of progress. but yes, the white house would, "absolutely go over the fiscal cliff" if the republicans would not raise tax rates. now republicans are pointing back to july 2011. this statement by president obama. >> yes, said give us $1.# trillion in additional revenues that could be accomplished without hiking tax rates, but could simply be accomplished by eliminating loopholes. eliminating deductions. and engaging in a tax reform process that could lowered rates generally while broadening the base. >> bret: the white house is saying it's out of context but not specifically how out of context. bring in the panel. steve hayes for "weekly standard." kirsten powers for daily beast. syndicated columnist, charles krauthammer. charles? >> look, i love when the president says we need conceptual break through. meaning the republicans have to accept a hike in rates. what he means is a political surrender. because there is no economic reason why you cannot raise the money he wants raised. by doing it through eliminating deductions, inclusions and credit. number one as we saw he, himself, said so. a y
if we fall off the cliff. he has the power to freeze paycheck withholding levels regardless of how rates change. they can staunch the bleeding from falling off the fiscal cliff if that happens. >> bret: ed, the former presidential candidate mitt romney was at the white house today. >> it's relatively brief. we had lunch with turkey chili and not business. president did have a specific job offer or anything for mitt romney. after the white house put out a statement to say they pledge to keep in touch if the opportunity arises down the road that sounded like not so much. >> bret: did biden bring by the apple pie? >> they may save that for a celebration if hay get a deal. >> all right, ed. thank you. >> major retailers are reporting weaker than expected holiday sales so far. november receipts are 1.7% over last year. that is well below the 4.5 to 5.5 predicted for holiday season. the economy grew at 2.7% in the third quarter better than the figure announced. the dow was up 37. the s&p 500 gained six. nasdaq finished ahead 20. syrian rebels struck a major blow in the heart of the government
parker, thank you. i want to talk to you some more. we'll go back to the fiscal cliff. if high end tax rates are successful entrepreneurs rocket higher, you can bet the number of millionaires in this country is going south. that's if high taxes go up. millionaires go down. that's no good. in our land of opportunity, i want more millionaires. and i think the better for them and the economy. robert frank will join us with some very arresting numbers. high tax, fewer millionaires. not good. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >>> 28 days until the country plummets off the tax and fiscal cliff. big tax hikes could be coming for everyone but we see also a drastic redu
to go off the fiscal cliff? >> absolutely. if there is no agreement that doesn't involve rates going up. >> gretchen: is that what the discussion is about? if you're watching the main stream media, it's about tax, tax, tax, tax. why are we taxing so much? because we really do have a spending problem. >> steve: or a deep hole. >> brian: i thought it was interesting. does geithner ever speak and make you feel better? all he does is -- i have a sense that it's something terrible is about to happen. having said that and this communication ability aside, i'm stunned to see him playing politics. he's flat out playing politics. he added if the president doesn't get his own way and get the power action undependentsed power to raise the debt limit and take it away from congress, that's also a nonstarter. since when is getting into that and saying if we don't raise taxes on the top 2%, we're never going to have a deal. really? doesn't he know the math? we all know the math. this is like throwing a nickel into the ocean. $85 billion on an annual deficit that's over a trillion dollars in debt. he's
prepared to go over the fiscal cliff. >> we face no prospect of agreement that doesn't involve the rates going up on the top two percent. >> brian: he also said he believes that the president needs to get control of the debt limit. that is a nonstarter. there is no way to get congress to give up control of debt limit. >> steve: republicans are saying let's cave and surrender on the tax issue. but coming up in 2013 we have leverage over the debt limit. remember the president of the united states his personal approval ratings went in the toilet. >> brian: as is the congress. >> steve: the congress didn't have as far to because they were close to the floor anyway. republicans say let's have leverage next time and the president said let's take that off of the table and from now on the president doesn't have to negotiate from congress. congress doesn't like that one bit. >> gretchen: usually when you are holding the cards in the negotiation you don't have to budge. that's the position the president and time geithner feel. they feel they hold the cards and they won the election and they believ
. the democrats line. caller: looking at the we go back -- at the fiscal cliff, we go back to 2001 with the lowering of the tax rates, meant to create jobs. but in the past 10 or 11 years, we have not had any job creation whatsoever. we keep going back and hearing over and over again that it's going to cost jobs. we do not have jobs to begin with. businesses are out to make money. if consumers do not have money to spend, then you can lower their taxes to 0%. they still cannot spend because they do not have any income. guest: i think that is a great point. it brings up one thing we have not mentioned yet. the payroll tax cut is about to expire. if that expires, every paycheck in the country is going to go down about $1,000 on january 1st. that would hurt consumption. it would hurt the customers of businesses. the president has proposed to extend that. i think that is reasonable. we will see a firm public and keep up their opposition or they give in. we have a sleeper here that cannot be ignored. if we do not extend that, every paycheck in the country is going to go down. >> i agree
prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans -- remember, it's only 2%. the size of the problem in some sense is so large, it can't be solved without rates going up as part of that. again, i think there's broad recognition of that reality now. >> one fallback option republicans are reportedly considering is to accept tax cuts for the middle class, allow rates to go up for the wealthiest, and then start the fight over again during debt limit talks early next year. yesterday at a business roundtable of ceos, president obama took a hard line, warning his opponents not to consider this strategy. >> if congress in any way suggests that they're going to tie negotiations to dell creting votes and take us to the brink of default once again as part of a budget negotiation, which, by the way, we have never done in our history until we did it last year, i will not play that game. >> well, i wonder, the president's saying, steve, that, you know what, we can
are willing to make sure we don't go over this fiscal cliff but at the same time don't harm this economy. what has to happen here if the president shows a little leadership we are willing to stay in the room and stay here and we are willing to get this done. that's why you saw a proposal that is raoeubl reasonable that meets his criteria. >> reporter: steny hoyer said in the next few days we will see substantive movement in private to get this done. jenna: we'll continue to watch the play-by-play, mike, thank you. jon: right now we are continuing to await a speech by former president george w. bush, the speakers are taking to the podium there to get ready to introduce the former president. he is set to address a conference there in dallas, where he will spotlight the positive impact of immigration on u.s. economic growth. this as the g.o.p. looks to attract more hiss to the party. meantime mr. bush's father, former president george h.w. bush is spending another day in the hospital being treated for bronchitis and a lingering cough. we told you about that last week when we first found out that
actually maybe wants to go over the fiscal cliff if the republicans do not agree to raising income tax rates even though yesterday they agreed to these deductions and loopholes and getting rid of them, which essentially many people argue, would do somewhat of the same thing. your thoughts? >> right. so there are going to be consequences for syria if they use chemical weapons and the president thinks there is going to be severe consequences for the republicans if, in fact, we go over this precipice and raise your hand if you're tired of this cliche about the fiscal cliff. he thinks look, the republicans will suffer terribly, the country will be thrown into some turmoil, he thinks and he thinks he's the winner either way. it's easy for the president and his team to go out there and posture on this. but both sides are playing this game a little bit. the republicans are doing the same thing. they're play to go their base. they want to make sure that regardless of what ends up happening at the end, if a deal is struck, that they at least have the appearance of sticking to their principles.
a deal to keep us from going off the fiscal cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a lot at stake not just for the national economy but state by state. some of their budgets could take a major hit if, in fact, the nation goes off the so-called fiscal cliff. his spokesman jay carney was even tougher in going after speaker john boehner's latest proposal in saying it simply doesn't add up. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues. it's magic beans and fairy dust. >> the bottom line is the president and speaker boehner have not spoken now in several days. so there is reall
as the nation edged closer toward a so- called fiscal cliff that could raise taxes by year's end. we begin with a report from newshour congressional correspondent kwame holman. >> we're going to have to see the rates on the top two percent go up. we're not going to be able to get a deal without it. >> reporter: in his first interview since the election, president obama rejected a proposal from house speaker john boehner. he spoke on bloomberg television. >> unfortunately the speaker's proposal right now is still out of balance. i'm happy to entertain other ideas that the republicans may present. but we are not going to simply cut our way to prosperity or to cut our way out of this deficit problem that we have. we're going to need more revenues. in order to do that, that starts with higher rates for the folks at the top. >> reporter: the president did say today he would consider lowering rates again for the top two percent next year as part of a broader tax overhaul. the house republican plan envisions $2.2 trillion in deficit reductions over the next decade. $800 billion would come from ne
the road. not that far down the road but get into 2013, get the fiscal cliff thing behind us. why? >> i think tom coburn and the president have slightly different reasons for it. but the problem with just doing tax reform when you don't have the rates going back up is that these deductions and credits that we're going to have to go after to reform, they primarily benefit people at the top. but they also benefit middle-class families. and if you just change those then what you end up doing is raising taxes on middle-class families as well. to get the same amount of revenue. in other words, if you're trying to get a revenue target, let's say $1.6 trillion which is what the president wants. you try to do that just by reforming the code, without the rates. you don't touch the rates. the only way to do it is to get the money out of the middle class. the president doesn't want to do that and most people don't want to do that. but if you let the rates go back up, you're basically halfway to your revenue target and you can
Search Results 0 to 15 of about 16 (some duplicates have been removed)